Penny Italia has concluded the acquisition of 16 stores from Gruppo Faranda (Tuodì and Fresco Market banners) and a Gruppo Pam franchise.
Of this total, 13 outlets are located in Rome, where Penny has almost tripled its presence, while the other three are located in Frosinone, Ispra and Riccione.
All these stores will reopen under the Penny Italia banner by 8 June, in addition to two new Penny outlets in Rome (Via Gargano and Via L'Aquila).
Read More: Penny Italia Targeting 8% Share Of Discount Market By 2025
Penny Italia closed 2022 with a turnover of nearly €1.5 billion, underlining the group's positive growth trend of the last three years.
The retailer is targeting nearly 40 new store openings this year, including both organic openings and acquisitions, estimating a full-year turnover of €1.6 billion (+6%).
Investments
As for investments, Penny will earmark over €70 million in 2023, in line with 2022, with €20 million for organic network development alone, net of further M&A operations.
Nearly 80 stores will be modernised and to which serviced departments will be added.
Expansion is planned in all regions of Italy, with the exception of Sardinia and Valle d'Aosta, where the retailer is not present.
"Between new openings and M&A operations, we also foresee a significant increase of the employment levels and support for Italian food and wine production," commented Nicola Pierdomenico, CEO and president of Penny Italia.
Nationwide Presence
Nationwide, Penny Italia is present in 18 regions with more than 430 stores.
Parent company REWE has confirmed its confidence in its Italian unit by maintaining an investment trend of nearly €130 million over the next 24 months.
Read More: REWE Group Sees Sales Growth Of 10.4% In FY 2022
© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.
